Corn, wheat futures ease on firm U.S. dollar, export concerns

 Chicago Board of Trade grain futures eased on Monday as a stronger dollar and worries about U.S. exports weighed on prices, analysts said.

The dollar advanced against most major currencies, making U.S. commodities look less attractive to importers, as tightened COVID-19 rules in China fuelled worries over the global economic outlook.

Beijing warned it was facing its most severe test of the coronavirus pandemic.

“Corn futures gapped lower as exports continue to be a concern, elevated today by the dollar index gaining,” CHS Hedging said in a note.

The most-active CBOT corn contract fell 6-1/2 cents to close at $6.63-1/2 a bushel, while wheat slipped 3-3/4 cents to $8.18-1/4 a bushel.

Soybeans, meanwhile, closed up 8-1/2 cents at $14.36-3/4 a bushel.

Crude oil and share prices also weakened.

Source: Reuters

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